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Wellcome Trust Annual Report and Financial Statements 2017 Contents Annual Report and Financial Statements 2017 2 Wellcome Trust Annual Report and Financial Statements 2017 Contents Report from the Chair and the Director 5 Trustee’s Report 8 What we do 8 Review of Charitable Activities 9 Review of Investment Activities 18 Financial Review 29 Structure and Governance 34 Risk Management 37 Remuneration Report 40 Audit Committee Report 43 Independent Auditor’s Report 45 Financial Statements 58 Consolidated Statement of Financial Activities 58 Consolidated Balance Sheet 59 Statement of Financial Activities of the Trust 60 Balance Sheet of the Trust 61 Consolidated Cash Flow Statement 62 Notes to the Financial Statements 63 Reference and Administrative Details 117 3 Wellcome Trust Annual Report and Financial Statements 2017 “ At Wellcome, we believe in the power of ideas to improve health” Jeremy Farrar Director 4 Wellcome Trust Annual Report and Financial Statements 2017 Report from the Chair and the Director “Our core approach is funding people to explore great ideas, at every step of the way from discovery to impact” At Wellcome, we believe in the power of ideas to improve cause of maternal mortality in the world. It also includes health. Funded from our independent investment portfolio, supporting research in the humanities and social sciences, we support thousands of scientists and researchers in more such as a project which this year published ethical guidelines than 70 countries, as well as innovators, educators and artists. for involving pregnant women in Zika vaccine research. Together, we take on big problems, fuel imaginations and spark And resources like the Human Induced Pluripotent Stem Cell debate, working always to achieve better health for everyone. Initiative, which has created a catalogue of high-quality stem cell lines for other researchers to use, whether in developmental Wellcome has grown significantly in recent years, in terms of biology or research into diseases such as cancer. both influence and how much we can spend on our charitable activities. This year, Wellcome spent £1.1 billion, more than ever before and double what we spent a decade ago. Our investment Ambitions and opportunities portfolio returned 16.9% in the year to September 2017; this Having committed to a new scale of ambition in our strategic equates to £3.5 billion on the year’s starting value of £20.9 framework in 2015, we continued to develop the strategies billion. The 9.1% annual return over the past decade is an of our three funding divisions – including Science under the excellent result given that this period included the worst financial leadership of Jim Smith, who became Director of Science crisis in living memory. The financial strength we derive from our in December 2016 – and to make other changes within £23.2 billion portfolio underpins the ability to pursue our mission. Wellcome this year. Our aim, supported by our governance and management of risk, is to make the organisation better Improving health prepared to operate at this new scale, and achieve the We start with an example. In 1980, Chris Fairburn arrived ambitious goals we set ourselves. in Oxford with an idea. He thought that a form of cognitive The past five years have seen a powerful bull market behavioural therapy (CBT) might be the best way to treat from which Wellcome has benefitted enormously, but the bulimia nervosa, an eating disorder. His research has investment environment will become more difficult at some continued with support from Wellcome ever since and point. We are concentrating on careful stewardship of the Chris has proved that his idea was a good one. assets and partnerships in which we invest, aiming to ensure In May 2017, a version of CBT developed by Chris and his that the portfolio is capable of generating cash flow sufficient colleagues was formally recommended in the UK for treating to support the current level of spending on key activities in adults with any form of eating disorder. Now approaching real terms, even against a more challenging backdrop. retirement and the end of his Wellcome Principal Research We have also been examining how best to balance protecting Fellowship, Chris has led the development of an online our core activities with being well placed to take risks and seize training programme for therapists, which means his idea has new opportunities. From 2017/18 onward, we have adopted the potential to help millions of people affected by eating a new approach to how we fund our charitable activities. disorders around the world. We plan an average funding level for our core activities of This case illustrates our core approach: funding people to around £900 million a year in real terms over a five year period, explore great ideas, at every step of the way from discovery thus protecting this funding from the volatility of the financial to impact. Everything we do is grounded in our support for markets, and bringing long-term stability to our spending plans. research that generates new knowledge in biomedical science, In addition, we plan discretionary funding to support Priority from how the body works to how infectious diseases spread. areas and other opportunities to bring about lasting changes Our approach includes funding large-scale studies like the that will make a big difference to human health in the short- WOMAN trial, which showed this year that an inexpensive drug or long-term. Reflecting this approach, the breakdown of our called tranexamic acid could prevent a third of maternal deaths spend on charitable activities now includes Priority areas as a caused by excessive bleeding after childbirth – the biggest separate item alongside our funding divisions. 5 Wellcome Trust Annual Report and Financial Statements 2017 Report from the Chair and the Director “Our aim is to make the organisation better prepared to operate at this new scale, and achieve the ambitious goals we have set ourselves.” Science thrives when it includes a diversity of people, benefits gained from deep EU partnerships are maintained, ideas and approaches, but the statistics show that major and that the UK can continue to attract excellent scientists at inequalities and barriers remain across the research all career levels. sector. We appreciate that Wellcome has a lot of work to do Research is a fast-moving intellectual endeavour, so internally on this issue, so one of our six current Priority areas Wellcome needs to have a working culture that can adapt to is Diversity and Inclusion, with a dedicated team driving new opportunities. In line with the same financial discipline reform within Wellcome first, as well as seeking to influence we expect of our grantholders, budgets for internal support the whole sector and society more widely. This work should activities were held at levels similar to last year to ensure that benefit not just individuals but the entire scientific enterprise. as much of our spending as possible goes directly towards Another Priority area is Vaccines, and the team leading our work achieving our mission. We thank our colleagues at Wellcome in this area played a central role in the launch of the Coalition for embracing this and other significant changes this year that for Epidemic Preparedness Innovations (CEPI) at the World put us in an even better position to support great ideas that Economic Forum in January 2017. CEPI brings together will improve health. governments, civic society, businesses and charitable foundations around the world to develop vaccines against We also thank the global research community for their infections with the potential to cause epidemics and pandemics. essential support for all our work, from reviewing grant applications to sitting on committees and providing advice. Working together Without such dedication, the research enterprise simply would not function and the benefits to society would be lost. Operating at such a scale will always require strong partnerships. This year, we worked closely with the G7 and Richard Hynes served as a Governor of the Wellcome Trust G20 nations, and at the United Nations General Assembly, from 2007 until December 2016, and Kay Davies will be to secure commitments to act on some of the biggest health stepping down from the Board of Governors in January 2018 challenges in the world today, including drug-resistant after ten years, including four years as deputy chair. Bill Burns infections and climate change. These are Priority areas for was appointed Chair of the Audit Committee in January 2017. Wellcome, and our policy and advocacy work is becoming We are grateful for all their wisdom, invaluable contributions more significant as we seek to engage the world’s political and support during this transitional phase for Wellcome. leaders in order to achieve our goals. Finally, we want to thank Danny Truell who has been an As negotiations continue for the UK’s exit from the European extraordinary Chief Investment Officer for Wellcome. From Union, we are engaging with representatives on both sides to 2005 until he stepped down to become Emeritus Partner in ensure that British research continues to contribute to, and September 2017, he led a team which delivered returns that benefit from, the closest possible ties with Europe. It is vital, have allowed us to more than double our charitable spend and both for global science and the British economy, that the given us confidence of meeting our ambitions for the future. Eliza Manningham-Buller Jeremy Farrar Chair, Wellcome Trust Director, Wellcome Trust 6 Wellcome Trust Annual Report and Financial Statements 2017 Trustee’s Report What we do We are an independent global charitable Together, we can do more. We can drive Driving reform foundation dedicated to improving health. reform to ensure that ideas can reach their We promote change in practices and the full potential.
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